Company name
Empresas Coipsa S.A.
Project number
CH3835A-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Chile
Sector
Energy
Status
Completed
Disclosed date
08/22/2008
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/23/2008
Approval date
10/07/2008
Signed date
02/25/2010
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 5,900,000
Financing amount
USD $ 6,800,000
Currency
USD
Project scope and objective
The Energía Pacífico S.A. project consists of building and operating a biomass cogeneration power plant to be located in San Francisco de Mostazal, in Chile’s Region VI (63 kilometers south of Santiago). With an installed capacity of 15.6 MW, the plant will be able to generate 131.5 GWh of clean power and 297,500 tons of steam per year. All of the steam and part of the power generated will be sold to Compañía Papelera del Pacífico S.A. (CPP), a shareholder of Energía Pacífico. The remainder will be sold to the central interconnected system. Commercial start-up of the plant is expected in the last quarter of 2009.
The company plans to seek greenhouse gas reduction certification and obtain carbon credits under the Clean Development Mechanism provisions of the United Nations Framework Convention on Climate Change.
With this operation, the IIC will be supporting the development of an electric power project in Chile by providing the long-term financing (up to twelve years) that such projects usually require. Chile’s burgeoning domestic demand, power generation shortfall, and dependence on imported fossil fuels indicate that its energy market fundamentals are sound and should encourage visionary companies such as Empresas Coipsa S.A. to invest in this sector in Chile.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
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